VEGOILS-Palm rises on bargain buying and recovery in Dalian palm olein

(Updates midday prices and adds trader's comment) KUALA LUMPUR, Nov 19 (Reuters) - Malaysian palm oil futures rose on Tuesday, buoyed by bargain buying and a recovery in the Dalian palm olein market. The benchmark palm oil contract FCPOc3 for February delivery on the Bursa Malaysia Derivatives Exchange was up 77 ringgit, or 1.57%, at 4,976 ringgit ($1,114.45) a metric ton by the midday break. The contract fell 3.71% in the previous session. The palm market opened higher and was seen trading up on bargain buying and due to a bullish recovery in Chinese palm olein futures during Asian hours, said Anilkumar Bagani, research head at Sunvin Group. "The bullish rebound is also due to energy prices and overall tightness in the palm oil supply situation ahead of Indonesia’s B40 biodiesel mandate and the Ramadan holidays," he said. Separately, traders are =anticipating a market correction, and with the approaching winter season, demand from India is expected to decrease, a Mumbai-based trader said. "Given that India is price-sensitive as well, exports are projected to decline in November," the trader added. Dalian's most-active soyoil contract DBYcv1 rose 0.1%, while its palm oil contract DCPcv1 shed 0.14%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.26%. Palm oil tracks the price movements of rival edible oils, as they compete for a share of the global vegetable oils market. Cargo surveyors are expected to release their estimates for Malaysian palm oil exports for the Nov. 1-20 period on Wednesday. Oil prices retreated after the previous day's rally, driven by stalled production at Norway's Johan Sverdrup oilfield, but investors remained cautious amid fears of a potential escalation in the Russia-Ukraine war. O/R Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit MYR= , palm's currency of trade, strengthened 0.29% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Palm oil may break support at 4,816 ringgit per metric ton and fall towards 4,732 ringgit, Reuters technical analyst Wang Tao said. TECH/C ($1 = 4.4650 ringgit) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4fPz7cr ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Ashley Tang; Editing by Sonia Cheema) (([email protected];)) ((For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01 . * To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets. * Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils OILS/ASIA1 Malaysian palm oil exports SGSPALM1 CBOT soyoil futures 0#BO: CBOT soybean futures 0#S: Indian solvent SOLVENT01 Dalian Commodity Exchange DC/MENU Dalian soyoil futures 0#DBY: Dalian refined palm oil futures 0#DCP: Zhengzhou rapeseed oil 0#COI: European edible oil prices/trades OILS/E ))